本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1.成都佳发安泰教育科技股份有限公司（以下简称"公司"）第 四届监事会第七次会议（以下简称"本次监事会会议"）通知于 2024 年 4 月 22 日以电子邮件、电话等方式发出，会议通知中包括会议的 相关材料，同时列明了会议的召开时间、地点、内容和方式。 2.本次监事会会议于 2024 年 4 月 25 日下午 14:00 时在公司会 议室以现场表决方式召开。 3.本次会议应出席监事 3 名，实际出席监事 3 名。会议由监事会 主席郭银海先生主持。 证券代码：300559 证券简称：佳发教育 公告编号：2024-018 成都佳发安泰教育科技股份有限公司 第四届监事会第七次会议决议公告 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 （二）审议并通过《关于使用闲置自有资金进行委托理财的议案》。 经审核，监事会认为：本次使用暂时闲置的自有资金进行委托理 财事项不影响公司正常经营，符合公司和全体股东的利益，不存在损 害公司及全体股东，特别是中小股东利益的情形，同意公司使用不超 过 50 ...

证券代码：300559 证券简称：佳发教育 公告编号：2024-017 成都佳发安泰教育科技股份有限公司 第四届董事会第八次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1.成都佳发安泰教育科技股份有限公司（以下简称"公司"）第 四届董事会第八次会议（以下简称"本次董事会会议"）通知于 2024 年 4 月 22 日以电子邮件、电话等方式发出，会议通知中包括会议的 相关材料，同时列明了会议的召开时间、地点、内容和方式。 2.本次董事会会议于 2024 年 4 月 25 日上午 10:00 在公司会议室 以现场表决方式召开。 3.本次董事会会议应出席董事 7 名，实际出席会议的董事 7 名。 会议由董事长袁斌先生主持，公司监事、高级管理人员列席会议。 （二）审议并通过《关于使用闲置自有资金进行委托理财的议案》。 为提高公司自有资金的使用效率，合理利用资金获取较好的投资 回报，同意在不影响公司正常经营的情况下，使用暂时闲置的自有资 金不超过 50,000 万元（含本数）拟购买投资期限不超过 12 个月的银 行、证券等金融机构 ...

北京锦路安生律师事务所 关于成都佳发安泰教育科技股份有限公司 2023 年年度股东大会的 法律意见书 致：成都佳发安泰教育科技股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）《上市公司股东大会规则》（以下简称"《股东大会规 则》"）等法律、法规、规章、规范性文件和《成都佳发安泰教育科技股份有限 公司章程》（以下简称"《公司章程》"）的规定，北京锦路安生律师事务所 （以下简称"本所"）接受成都佳发安泰教育科技股份有限公司（以下简称"公 司"）的委托，指派本所律师出席并见证了公司 2023 年年度股东大会（以下简称 "本次股东大会"），并就本次股东大会相关事项依法出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了以下相关文件，并进行了必要的核查、验证： 公司向本所保证并承诺，其向本所及经办律师提供的所有文件资料（包括原 始书面材料、副本材料、电子材料、复印件）均真实、准确、完整、有效，并无 任何隐瞒、遗漏、虚假或误导之处；所有副本材料及电子材 ...

证券代码：300559 证券简称：佳发教育 公告编号：2024-014 成都佳发安泰教育科技股份有限公司 2023 年年度股东大会决议公告 2.本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1.会议通知： 本次股东大会通知已于 2024 年 3 月 27 日以公告的形式发出，具 体内容详见当日于巨潮资讯网（http://www.cninfo.com.cn）发布的 《成都佳发安泰教育科技股份有限公司关于召开 2023 年年度股东大 会的通知》。 2.会议召开时间： （1）现场会议时间：2024 年 4 月 17 日（星期三）14:30 （2）网络投票时间：2024 年 4 月 17 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决议案的情形； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 4 月 17 日 9:15—9：25，9:30－11:30，13:00－15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为：2024 年 4 月 17 ...

图 48: Duolingo 基于 GPT-4 推出的新功能 图 49: BirdBrain 个性化预测练习难度 图 50: Smart Tips 应用实例… 图 51: Role Play 沉浸式人机对话与反馈 . 图 52: Explain My Answer 帮助用户理解错误原因 图 53: Duolingo 双飞轮商业模式 . 图 54: 2019-2023 年公司营业收入结构（亿美元 ）. 图 55: 2019-2023 年公司毛利率、净利率（%）……………………………………………………………………………………………………………………47 图 56: 2022-2023 年月活用户及付费用户变化情况（百万人）. 图 57: 2023 年前三季度全球移动语言学习 APP 下载量（百万次） 图 58: Memrise 主要帮助用户通过抽认卡学习单词,功能单一………………………………………49 图 59: Memrise 的学习进度类似于游戏关卡，简洁明了 图 60: Babbel 课程设计注重传统的语法内容和练习，相对枯燥 图 61: Babbel 用户可以免费测试每门课程的第一节课，但完整课程均要付费 ...

证券代码：300559 证券简称：佳发教育 公告编号：2024-013 成都佳发安泰教育科技股份有限公司 关于公司持股5%以上股东部分股份质押延期的公告 三、股东质押的股份是否存在平仓风险 凌云先生非公司控股股东，上述质押行为不会导致公司实际控制 权发生变更，所持股份不存在被冻结或拍卖等情况，也不会对公司生 产经营、公司治理产生重大影响，所质押的股份目前不存在平仓风险， 未来股份变动如达到《证券法》、《上市公司收购管理办法》等规定的 相关情形的，将严格遵照权益披露的相关规定，及时履行信息披露义 务。 持股5%以上股东凌云先生保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 成都佳发安泰教育科技股份有限公司（以下简称"公司"）于近 日接到公司持股5%以上股东凌云先生的通知，获悉凌云先生将其所持 有的本公司部分股份办理了质押延期的业务。具体情况如下： 二、股东股份累计质押的情况 截至公告披露日，公司持股5%以上股东凌云先生所持质押股份情 况如下： 股 东 名 称 是否为 控股股 东或 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 [Table_Summary] 事件： 公司于 2024 年 3 月 26 日收盘后发布《2023 年年度报告》。 产品升级换代提速，核心产品订单大涨 随着教育数字化转型以及人工智能在教育领域的不断应用，教育对信息化 建设需求将维持稳定增长，市场将迎来更广阔的发展空间，公司有望充分受 益。预测公司 2024-2026 年的营业收入为 8.22、10.74、13.48 亿元，归母 净利润为 1.96、2.68、3.49 亿元，EPS 为 0.49、0.67、0.87 元/股，对应 的 PE 为 26.36、19.25、14.81 倍。考虑到行业的景气度和公司的未来的成 长空间，维持"买入"评级。 风险提示 政策延期落实的风险；行业依赖程度较高风险；毛利率波动风险；管理风险； 技术风险。 [Table_ 过去一年股价走势 PicQuote] -30% -6% 18% 42% 66% 3/31 6/30 9/29 12/29 3/29 佳发教育 沪深300 | --- | --- | |----------------------------| ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company's smart examination business is experiencing increased demand due to product variety and upgrades, as well as expanded application scenarios. The company has strategically positioned itself in the smart education sector, particularly in smart sports and English listening and speaking, and is now entering a phase of rapid market growth. The introduction of AI-enabled products is expected to enhance revenue potential in the consumer segment [2][8]. - The company reported a significant revenue increase of 171% year-on-year in Q4 2023, with a net profit increase of 174%. For the full year 2023, revenue reached 604.37 million yuan, a 46.5% increase, and net profit was 131.04 million yuan, up 90.1% [8]. Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are estimated at 879.18 million yuan, 1,152.87 million yuan, and 1,547.39 million yuan, respectively, with growth rates of 45.47%, 31.13%, and 34.22% [2][3]. - The company's net profit for the same years is projected to be 214.14 million yuan, 281.26 million yuan, and 366.56 million yuan, reflecting growth rates of 63.42%, 31.35%, and 30.33% [2][3]. - Earnings per share (EPS) are expected to be 0.54 yuan, 0.70 yuan, and 0.92 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 24, 18, and 14 [2][3]. - The company reported a gross margin of 51.8% in 2023, a decrease of 2.1 percentage points year-on-year, while the net profit margin increased by 7.5 percentage points to 21.4% [8]. Business Developments - The company has launched several new AI solutions, including the "Smart Security Gate Solution" and "AI Solutions for Physics, Chemistry, and Biology Experiments," which have received positive market feedback [8]. - The report highlights the company's proactive approach in the smart education sector, focusing on tailored products that meet market needs, particularly in smart sports and English language training [8].

证券研究报告：计算机 | 公司点评报告 2024 年 3 月 27 日 公司基本情况 总股本/流通股本（亿股）4.00 / 3.11 总市值/流通市值（亿元）52 / 40 52 周内最高/最低价 21.00 / 8.87 资产负债率(%) 14.6% 市盈率 39.12 第一大股东 袁斌 股票投资评级 买入|维持 个股表现 -46% -35% -24% -13% -2% 9% 20% 31% 42% 53% 64% 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 佳发教育 计算机 资料来源：聚源，中邮证券研究所 最新收盘价（元） 12.91 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 佳发教育(300559) 大模型赋能教育信息化，股权激励护航未来 ⚫ 加快市场布局，2023 年业绩实现快速增长 2023 年，公司实现营业收入 6.04 亿元，同比增长 46 ...

Financial Performance - The company's operating revenue for 2023 reached ¥604,374,550.28, representing a 46.47% increase compared to ¥412,638,550.62 in 2022[20]. - Net profit attributable to shareholders for 2023 was ¥131,037,975.03, a significant increase of 90.05% from ¥68,950,700.25 in 2022[20]. - The basic earnings per share for 2023 was ¥0.33, up 94.12% from ¥0.17 in 2022[20]. - The total assets of the company at the end of 2023 were ¥1,429,446,164.98, reflecting a 12.78% increase from ¥1,267,491,086.55 at the end of 2022[20]. - The net cash flow from operating activities for 2023 was ¥179,727,606.93, an increase of 72.35% compared to ¥104,281,310.89 in 2022[20]. - The company achieved a revenue of ¥604,374,550.28, representing a 46.47% increase year-over-year, and a net profit of ¥131,037,975.03, up 90.05% from the previous year[73]. - The total operating revenue for 2023 reached ¥604,374,550.28, representing a year-on-year increase of 46.47% compared to ¥412,638,550.62 in 2022[81]. - Revenue from standardized examination products accounted for ¥420,513,502.44, which is 69.58% of total revenue, showing a growth of 56.24% from ¥269,146,165.28 in the previous year[82]. - The gross profit margin for the information services sector was 51.75%, a decrease of 2.06% compared to the previous year[85]. - The company reported a significant increase in revenue for the fiscal year 2022, with a total revenue of 1.2 billion yuan, representing a year-over-year growth of 15%[143]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan for the fiscal year, representing a 20% year-over-year growth[162]. Cash Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.5 RMB per 10 shares to all shareholders, based on a total of 396,950,883 shares[3]. - The company continued to implement cash dividends and an employee stock ownership plan to align interests among shareholders and employees[79]. - The company proposed a cash dividend of 0.7 CNY per 10 shares for the 2022 fiscal year, based on a total share count of 390,645,883 after share repurchase adjustments[193]. - The total cash dividend amount for 2022 is 59,542,632.45 CNY, which represents 100% of the distributable profit of 589,006,593.72 CNY[194]. - For the 2023 fiscal year, the company plans to distribute a cash dividend of 1.5 CNY per 10 shares, pending shareholder approval[196]. - The cash dividend distribution policy aligns with the company's articles of association and has been approved by the board and shareholders[194]. - The company has not proposed any changes to the cash dividend policy during the reporting period, ensuring transparency and compliance with regulations[194]. - The company’s cash dividend distribution plan for 2023 is subject to approval at the upcoming shareholder meeting[196]. Business Strategy and Market Position - The company aims to become a leader in digital transformation in the education sector, focusing on core products and innovative business models[132]. - The company plans to optimize its industrial chain layout and adjust product strategies to enhance core business and support industry upgrades[132]. - The company plans to expand its market presence by enhancing its examination business and developing new educational products, including intelligent behavior analysis and sports education[133]. - The company aims to integrate artificial intelligence and domestic technology into its products, with a focus on continuous upgrades and new product development to meet real-time customer needs[134]. - The company is establishing long-term partnerships with leading industry players to share resources and innovate business models, aiming to optimize resources and expand market share[135]. - The company is enhancing its internal management processes and talent development to improve operational efficiency and ensure a high-quality workforce for future growth[136]. - The company is focused on improving its management structure and internal controls to address challenges arising from rapid growth and expansion[140]. - The company is committed to core technology innovation and research to stay ahead in the fast-evolving software and information technology services industry[141]. Research and Development - The company has increased investment in R&D and brand promotion, receiving multiple honors and awards, which enhances its competitive edge in the education information technology industry[63]. - The company’s R&D investment amounted to ¥63,306,925.21 in 2023, representing 10.47% of total revenue, a decrease from 14.45% in 2022[108]. - The number of R&D personnel decreased by 5.98% from 301 in 2022 to 283 in 2023[108]. - The capitalized R&D expenditure was ¥18,366,052.37, accounting for 29.01% of total R&D investment[108]. - The company is actively exploring the application of AI technology in educational examination scenarios, enhancing the efficiency of exam monitoring[107]. - The company is focusing on improving its technology and product offerings in response to the global chip supply challenges[110]. Governance and Management - The company has established a comprehensive performance evaluation and incentive mechanism for senior management, linking compensation directly to performance[152]. - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, and business, ensuring complete operational autonomy[154]. - The current board of directors and senior management have diverse professional backgrounds, with key members having extensive experience in technology and management[159]. - The company has a clear governance structure that complies with relevant laws and regulations, with no significant discrepancies noted[153]. - The company’s governance practices align with the guidelines set forth by the China Securities Regulatory Commission[153]. - The company is committed to enhancing its operational independence and business capabilities, reinforcing its market position[154]. - The total remuneration paid to the 15 current directors and senior management in 2023 amounted to 4.7803 million yuan[174]. - The highest remuneration among the directors was 600,100 yuan for the chairman, while the total remuneration for the general manager was 558,500 yuan[175]. Market Expansion and User Engagement - The company is expanding its market presence by entering three new provinces, aiming to increase its market share by 10% in the next year[162]. - The company has established partnerships with nearly 3,000 collaborators, enhancing its sales channel network across various regions[68]. - The company is focused on deepening its presence in the education C-end market, laying a solid foundation for future revenue growth[101]. - The company aims to enhance service quality and provide integrated solutions for the entire examination lifecycle, leveraging over 20 years of industry experience[39]. - The company has developed a high-quality teaching evaluation system, allowing for comprehensive monitoring and evaluation of teaching quality across multiple dimensions[104]. - The company is focusing on increasing user engagement and market share in the smart education sector through innovative product offerings[104]. Technology Integration and Innovation - The company has a focus on integrating information technology with education, promoting the "Internet + Education" model[12]. - The company is committed to exploring new models and developing new products to support educational reform and innovation through digital technology[41]. - The integration of AI and big data in education is expected to drive significant advancements in teaching methods and assessment practices[40]. - The company aims to create a multi-dimensional educational service ecosystem to promote educational equity and resource sharing[100]. - The company has developed a comprehensive examination management platform, enhancing functionality and user experience through multiple optimizations[101]. - The company is enhancing the security and compatibility of its examination platform, optimizing data integration and device compatibility[106]. Employee Development and Compensation - The total employee compensation for 2023 is CNY 12,758.49 million, accounting for 27.37% of total operating costs, a decrease of 8.37% from 2022[189]. - The number of core technical personnel has increased to 47, representing 5.81% of the total workforce, with their compensation amounting to CNY 10,747.47 million, which is 10.09% of total compensation[190]. - The company plans to conduct 173 training sessions in the current year, including 35 external and 138 internal training sessions[191]. - The company has implemented a diversified and structured compensation mechanism, linking performance pay to individual and company performance[185]. - The company has adopted a flexible adjustment mechanism for salaries based on market conditions and employee performance[187].